Why a Newcastle property will need to be sold to raise funds for redevelopment

Fayette property value is rising and a council is looking at a possible sale to raise funding for redevelopment.

Property values in the city of Newcastle have risen in recent years, but that has not stopped some residents from demanding that their properties be rezoned and sold.

Council leader Paul Grieve has put forward a list of six potential candidates for the vacant council house in the village of Fayette, north-west of Newcastle.

Mr Grieve said it was “critical” to build up the area around Fayette “to ensure the regeneration of this community”.

“In order to ensure the viability of this area, we need to find the funding that will allow us to redevelop Fayette to make it more attractive for development and provide for more of the communities surrounding it,” he said.

“It’s critical that this development takes place and it’s absolutely critical that we get the funding.”

Fayette is a community of about 100 people located just across the road from Newcastle’s main railway station.

A spokeswoman for the council said it would not be commenting on the development until it had seen the list of candidates.

“As soon as we receive that, we’ll be able to put out a statement,” she said.

Fayette was built in 1894 and was the first residential community to be built in the region, said Ms Fennell.

It is one of the most affordable areas of Newcastle for properties in the area, she said, with a median home price of $2.8 million.

“There’s very strong housing affordability in the whole of Newcastle, so that’s why this is so important,” she added.

“We need to bring the density up to make sure that Fayette can continue to thrive.”

The development of the site is being funded by the Federal Government’s National Housing Program, which aims to help low-income and first-time buyers move into properties that are affordable to people with moderate incomes.

The council is also investing in the revitalisation of nearby A-Town and a number of nearby communities.

“The Federal Government is committed to helping the community to build on the legacy of its past,” she explained.

“We’re also keen to create a new generation of Newcastle’s residents who can bring more to the city and are excited about the potential of Faunce.”